New solution platform to enhance agility and improve efficiency in operations
TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that PostFinance Switzerland will deploy TCS BaNCS to overhaul part of its operations. The integrated banking suite comprising Payments, Core Banking, Securities Processing for Funds Administration and Compliance for Fraud Detection solution will be implemented as part of the modernization drive of PostFinance to replace the current legacy payment transactions and accounts management systems.
PostFinance, the leading Swiss provider of domestic and international payment services, by deploying TCS BaNCS will enable flexible development and the adaptability to meet current and future market needs as well as regulatory requirements. The entire modernization program will be accomplished over the next four years.
Mr. Enrico Lardelli, Head of Information Technology, PostFinance, commented, “Payment services are the core business of PostFinance - with almost 900 million transactions per year, it is the number one player in the Swiss payments sector. TCS BaNCS is a modular, highly configurable system which meets our high performance requirements. We also chose TCS BaNCS because of its best value ratio and the short migration strategy. In short, TCS BaNCS is the most attractive economic option for PostFinance."
"Banks are increasingly turning to payment services hubs and more integrated SOA-based solutions to achieve the step-change in performance and flexibility required for large transformation projects” said Gareth Lodge, Senior Analyst at Celent. “Whilst not without complexity in implementation – in undertaking the transformation, the bank is attempting the equivalent of simultaneous heart, brain and lung transplants whilst continuing to work! – the componentized approach will ultimately simplify the way the financial institution operates in the future”.
N. Ganapathy Subramaniam, President, TCS Financial Solutions said “Our partnership with PostFinance is a good example of our value proposition where we enable growth and efficiency without disruption. Through this implementation, PostFinance will meet the varied needs of a growing and diverse customer base.”
Currently, PostFinance processes around 900 million transactions per year, and is the largest processing center, with approximately 60 percent of market share in Switzerland. TCS BaNCS is a market ready, component based customer centric, real time solution which ensures faster time to market for products and flexibility to integrate and support both, existing and future business. The application components to be deployed in the solution are multi entity and multi currency, covering accounts management, payments - domestic and international including credit transfers and direct debit along with market connectivity to domestic clearing in Switzerland , Pan European clear with SEPA and international payment on SWIFT. One of the major business drivers and critical success factors at PostFinance was the need of a trusted and strategic long term partner, which has the experience of delivering successfully multiple large transformation programs. TCS BaNCS solution has the capability and will support PostFinance as part of this transformation to grow its footprint as the leading provider of payment transaction services in the domestic Swiss market and other sectors of financial service market.
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